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How much more foreclosure pain?
1.
So, what's new? I just refinanced my home all up to 100% of the house value. I wanted cash out just in case and got it. Sure there are some changes in lending happening but there are still people and banks who are issuing risky mortgages. My mortgage I consider risky because there is no equity left in the house. Will I walk away from the house? Of course not, but I could if I wanted to. Oddly enough I think this kind of lending is needed to get the real estate market back on track.
2. Bail out Freddie and Fannie and then reward people who bought houses that were too expensive on a salary that couldn't possibly afford what they bought into. I'm 38, make decent money and still know better than to think I can afford a 400K house. When I make poor decisions, I don't put my hand out and ask everyone else to make it better!! Bailing out is rewarding bad behavior...
3. I make over $200,000 a year and my morgage payment is $3,000 a month! My credit score is over 750 and Im in the process of buying another home now with almost twice the square footage for half of the price of mine!!! Im walking away!! Its only good business sence!! Thank God for bad times!!!!
4. THANK YOU !! Someone seems to realize that this is not an act of irresponsibility. I became a single mom just as the economy tanked and couldn't find employment that would cover my bills. I put everything I had for months into saving my house including borrowing money and using the whole of my tax return for mortgage payments. But although I work full-time, with rising costs and daycare expenses, I simply couldn't cover everything. I cried the day I was told by a credit counselor that I simply couldn't afford my house anymore. It's very troubling and stressful and any idiot that thinks we simply "walk away" is just that - a callous idiot!
5. Perhaps thousands of homes were built unjder the assumption there would always be relatively low gas prices, and that long commutes would be possible.Now we know that long commutes are no longer possible, and that working class Americans can never, and will never, live in them. We should be working to find new uses for these homes. Eventually those in furthest exurbia will have to be town down, or moved closer in.Selling them at give away prices will not work, since new buyers cannot afford to live in them, and commute.
6. Thank God for Prop 13- imagine having to worry about inflated real estate values jacking up the property tax value on all these properties bought on spec. At least some people will pull through and make it. But I'm against any bail-out for banks who defrauded a gullible public and convinced them that their ponzi scheme was legit. Some banks should be put out of business.
7. We are nearly all in agreement - so why are our politicians rescuing them? They are crooked as hell and their pockets are being filled - are you gonna stand for it? write them - it takes less time than to post here...
8. At the height of the real estate boom in California, a study showed that prices were about double what from an income standpoint buyers could afford. Nevertheless, all the financial entities continued to pump money into real estate and buyers bought using ever more exotic loans. In my neighborhood, people in 2005 told me that we could get 3 times what we paid for our homes. In simple economic terms, however, selling price should be what the house cost in 2000 compounded by about 5% per year to yield what it should sell for today. Prices have a long way to fall!
9. put me down in the "We are a nation of scamps" camp. 90% of the folks involved in the housing bubble were simply trying to take advantage of a no risk proposition... A. ANYONE can get a loan. B. Values go up? You win. C. Values go down? Ah well, chuck the keys back to the bank. Anyone who did not wish to participate in the Ponzi housing madness could have RENTED or at least NOT REFINANCED. The tears? Bullshit. The "we did not know!" Bullshit. Anyone that stupid deserves the tears.
10. What ever happened to the American capitalism that we were so proud of? Banks, mortgage companies, mortgage brokers, and builders that caused this mess are now being rewarded for their failures, greed, and dishonesty with tax dollars. The people who lost their homes are on their own. Isn't it great how representative government works! It is indication on who owns your senators, congressmen, and now apparently the president. I'm starting to agree with the previous correspondents. It's time for a taxpayer revolt. Sign me up.
Submitted by: Same-ol
2. Bail out Freddie and Fannie and then reward people who bought houses that were too expensive on a salary that couldn't possibly afford what they bought into. I'm 38, make decent money and still know better than to think I can afford a 400K house. When I make poor decisions, I don't put my hand out and ask everyone else to make it better!! Bailing out is rewarding bad behavior...
Submitted by: Melodyp
3. I make over $200,000 a year and my morgage payment is $3,000 a month! My credit score is over 750 and Im in the process of buying another home now with almost twice the square footage for half of the price of mine!!! Im walking away!! Its only good business sence!! Thank God for bad times!!!!
Submitted by: dddpierce
4. THANK YOU !! Someone seems to realize that this is not an act of irresponsibility. I became a single mom just as the economy tanked and couldn't find employment that would cover my bills. I put everything I had for months into saving my house including borrowing money and using the whole of my tax return for mortgage payments. But although I work full-time, with rising costs and daycare expenses, I simply couldn't cover everything. I cried the day I was told by a credit counselor that I simply couldn't afford my house anymore. It's very troubling and stressful and any idiot that thinks we simply "walk away" is just that - a callous idiot!
Submitted by: Linda S
5. Perhaps thousands of homes were built unjder the assumption there would always be relatively low gas prices, and that long commutes would be possible.Now we know that long commutes are no longer possible, and that working class Americans can never, and will never, live in them. We should be working to find new uses for these homes. Eventually those in furthest exurbia will have to be town down, or moved closer in.Selling them at give away prices will not work, since new buyers cannot afford to live in them, and commute.
Submitted by: Don Schmoldt
6. Thank God for Prop 13- imagine having to worry about inflated real estate values jacking up the property tax value on all these properties bought on spec. At least some people will pull through and make it. But I'm against any bail-out for banks who defrauded a gullible public and convinced them that their ponzi scheme was legit. Some banks should be put out of business.
Submitted by: Bill S.
7. We are nearly all in agreement - so why are our politicians rescuing them? They are crooked as hell and their pockets are being filled - are you gonna stand for it? write them - it takes less time than to post here...
Submitted by: Fred
8. At the height of the real estate boom in California, a study showed that prices were about double what from an income standpoint buyers could afford. Nevertheless, all the financial entities continued to pump money into real estate and buyers bought using ever more exotic loans. In my neighborhood, people in 2005 told me that we could get 3 times what we paid for our homes. In simple economic terms, however, selling price should be what the house cost in 2000 compounded by about 5% per year to yield what it should sell for today. Prices have a long way to fall!
Submitted by: Jim Willis
9. put me down in the "We are a nation of scamps" camp. 90% of the folks involved in the housing bubble were simply trying to take advantage of a no risk proposition... A. ANYONE can get a loan. B. Values go up? You win. C. Values go down? Ah well, chuck the keys back to the bank. Anyone who did not wish to participate in the Ponzi housing madness could have RENTED or at least NOT REFINANCED. The tears? Bullshit. The "we did not know!" Bullshit. Anyone that stupid deserves the tears.
Submitted by: jojo
10. What ever happened to the American capitalism that we were so proud of? Banks, mortgage companies, mortgage brokers, and builders that caused this mess are now being rewarded for their failures, greed, and dishonesty with tax dollars. The people who lost their homes are on their own. Isn't it great how representative government works! It is indication on who owns your senators, congressmen, and now apparently the president. I'm starting to agree with the previous correspondents. It's time for a taxpayer revolt. Sign me up.
Submitted by: David Horton
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